New Pendings of 19 (14) – but more selling with lower prices
Thats -13
Closed sales at 8 (23)
Total houses for sale 93 (55) with median of $1.85M ($2.5M).
And just like that new listings evaporate again. The bigger surprise though is the big bounce back in pendings! There were tons of buyers out last Spring and many didnt get new homes. Im sure the higher rates have priced out a bunch of folks but not all. Prices are lower now, a lot lower. Im talking as much as 200-400K for some houses and that seems to be getting some folks off the sidelines.
I’ll be watching that and if it continues it will serve as more evidence that there will be enough buyers at new price levels to prevent another big leg down. Im still thinking we should see another 10% next year but also thinking that may very well be it.
On a side note spent a quick weekend back east at a high school reunion which was an amazing experience. Reconnected with lots of childhood friends that are not just incredibly succesful but also still well grounded wonderful kind people. Oh and funny too. Havent laughed so much in a while. No one cared so much what others achieved but rather that we were all generally happy, healthy and here. And then a baseball game with a legendary ending before grabbing a flight home Sunday night. So fortunate
